Above the 100 and 200 hour MA
The EURUSD has moved back up to the high for the day after an London morning fall to the 100 hour MA (currently at 1.17795). Recall from yesterday the low for the day also stalled near its 100 hour moving average. Key level. The price is also above its 200 hour moving average at 1.18018. That is now close support. Stay above the moving averages in the bias is tilted more to the upside. Move below the moving averages and the bias shifts more to the downside. The next target on the topside would be at the 61.8% retracement 1.18370. The high for the week at 1.1863 would follow.
Looking at the week (see red box) the price action has had its share of ups and downs. Generally speaking, the pair has reacted to moving average levels in between the lows and highs. At the extremes, the low tested a swing area between 1.1713 and 1.17207. The low price for the week reached 1.17103 on Wednesday before snapping back higher. The high was reached on Thursday. That was also near a swing area at 1.18618 (see green numbered circles)..
